Income Tax Calculator
Calculate comprehensive federal income taxes, FICA payroll withholdings (Social Security & Medicare), and state income taxes with standard deductions.
Annual Tax & Net Pay Summary
Income Tax Liability & Net Pay Formula
Taxable Income = Gross Income − Deduction | Federal Tax = Progressive Tier Sum | FICA = 6.2% SS + 1.45% Medicare | Net Pay = Gross − Total Taxes- Gross Income: Total earned salary, wages, bonuses, and taxable compensation.
- Standard Deduction (2024): $14,600 Single, $29,200 Married Joint, $21,900 Head of Household.
- Social Security: 6.2% on earnings up to the $168,600 statutory cap in 2024.
- Medicare: 1.45% on all earnings plus 0.9% Additional Medicare tax on income exceeding $200k (Single) or $250k (Married).
Step-by-Step Worked Example
Calculation Steps:
How to Use This Calculator
Assumptions & Limitations
- Calculations use official 2024 IRS federal tax brackets and standard deduction thresholds.
Frequently Asked Questions
What is the difference between marginal and effective tax rates?
Your marginal tax rate is the highest bracket applied to your last dollar of income (e.g. 22%), whereas your effective tax rate is the actual percentage of your total income paid in taxes (e.g. 15.2%), because lower portions are taxed at 10% and 12% or sheltered by deductions.
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